Revised figures have confirmed that the UK economic system prevented recession within the second half of final yr, posting 0.1% development within the fourth quarter.
The unique estimate for gross home product (GDP) between October and November, launched in mid-February, had proven zero development.
A recession is mostly outlined within the UK as two quarters of declining GDP in a row, and the economic system contracted 0.2% within the third quarter.
Darren Morgan, director of financial statistics on the Office for National Statistics, mentioned: “The economy performed a little more strongly in the latter half of last year than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought in the latest quarter.
“Households saved extra within the final quarter, with their funds boosted by the federal government’s vitality invoice help scheme.
“Meanwhile, the UK’s balance of payments deficit with the rest of the World narrowed, driven by increased foreign earnings by UK companies, particularly in the energy sector.”
The price of dwelling disaster has taken a heavy toll on client spending in latest months, particularly throughout the essential Christmas interval.
The economic system has since carried out higher than anticipated regardless of the persevering with sting from inflation, which stays in double digits.
Updated predictions final week from the Bank of England, which had forecast that the economic system entered recession within the second half of final yr, dominated out the chance of a recession in 2023.
Chancellor Jeremy Hunt informed reporters that the revised GDP determine confirmed there may be “underlying resilience” within the UK economic system.
Mr Hunt acknowledged, nonetheless, that many individuals throughout the nation are “facing real pressure”, with inflation remaining above 10%.
He mentioned: “That’s why we will continue to take the difficult decisions necessary to bring down inflation caused by what’s happened in Ukraine.
“That is the way in which we’ll get again to wholesome development and relieve the stress on households.”
Source: information.sky.com”